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Gold Summary for July 24, 2014

2014-07-24 21:11 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $14.20 to $1,289.80 Thursday, as investors continued to worry about the war in Gaza and Russian meddling in Ukraine. Air Canada has joined American airlines, suspending its flights to Tel Aviv. The TSX Venture Exchange slipped a fraction to 1,011.65 and the TSX Gold Index lost 2.87 points to 194.47.

Major Canadian gold miners followed bullion down. Eldorado Gold Corp. (ELD) lost seven cents to $8, Goldcorp Inc. (G) lost 16 cents to $29.27, Alamos Gold Inc. (AGI) dropped 20 cents to $9.95 and Iamgold Corp. (IMG) fell 12 cents to $3.91.

Greg Sparks's Sacre-Coeur Minerals Ltd. (SCM: $0.02) needs to close a financing as fast as possible. It has been working on a $12-million loan from three unnamed lenders, but two of them have run into what the company calls "brief delays in being ready to close." It arranged the financing last fall so there has already been almost a year of brief delays. Meanwhile, Sacre-Coeur's bondholders have become irritable and are demanding their $2-million. Today the company's Guyanese joint venturer, businessman Alfro Alphonso, joined in, asking for $300,000. He says he paid that amount to the Guyana Geology and Mining Commission on behalf of the company to keep the Million Mountain gold claims in good standing. Sacre-Coeur had hoped to have plenty of cash from alluvial gold mining at Million Mountain this year, aiming for 6,000 ounces of gold. At June 30, the company had nothing. It blames its equipment for being unable to recover fine gold particles. Last year, the equipment was also having difficulty, recovering only 433 ounces, down from 1,400 ounces a year earlier. Sacre-Coeur will need a new recovery plant, but more importantly it needs money.

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